不動產證券化條例

This provision states the statute’s purpose: to promote the national economy by using securitization to improve real estate liquidity, expand financing channels, support effective development and use of real estate, improve environmental quality, stimulate the real estate market, and protect investment.

A real estate investment trust contract must be in writing and include a specified list of terms and disclosures.

A real estate investment trust contract’s amendment and termination follow the rules in Chapter 2, Section 7 of the Financial Asset Securitization Act, unless the trust contract says otherwise and that different term is stated in the prospectus or investment memorandum.

信託業商業同業公會要訂定受託機構募集不動產投資信託基金的定型化契約範本，並報請主管機關核定；受託機構在募集此類基金時，其契約訂定與修改對受益人權益的保障，不得低於核定的範本。

受託機構可以向特定對象私募不動產投資信託受益證券，但第二款應募人總數不得超過35人。

受託機構在核准或申報生效後，通常須在三個月內開始募集；募集完成後五個營業日內要報請主管機關備查。若募集期滿未募足最低募集金額而無法成立，還要在十個營業日內書面通知受益人並報備查。

受託機構在募集或私募受益證券時，必須按規定方式向應募人或購買人提供相應說明書。

Real estate investment trust funds are limited to closed-end funds, unless the competent authority approves an open-end fund with buyback time, quantity, or other restrictions.

Real estate investment trust funds may invest only in the listed asset types, and certain development-property investments are capped and subject to permit timing rules.

Idle funds of a real estate investment trust fund may only be invested in the listed types of financial instruments.

The trustee may borrow trust-property funds and set security interests, but only for permitted purposes. It must announce the borrowing within 2 days, and must adjust if borrowing exceeds a regulatory cap.

Real estate securitization is governed by this Act; anything not covered here follows other laws.

主管機關在必要時可以規定不動產投資信託基金流動性資產的範圍及比率；受託機構若未達該比率，應在主管機關所定期限內調整。

相關公會應擬訂不動產投資信託受益證券行銷、訂約、資訊揭露、風險管理、內部稽核及內部控制等注意事項，並報請主管機關核定；受託機構辦理不動產投資信託業務時，應依該注意事項辦理。

受託機構在一定金額以上的 REIT 不動產交易前，先請專業估價者出具估價報告書，並在契約生效後 2 日內公告。

受託機構運用不動產投資信託基金時，必須依投資分析報告作成投資決定並執行，且要建立相關紀錄、定期向董事會報告，並保存書面資料至少五年。

若不動產投資信託的信託財產依信託契約出租，租金與租期可不受部分法定限制；但租賃期限最長不得超過信託契約存續期間。

受託機構必須依規定運用不動產投資信託基金，並遵守多項投資與交易限制；主管機關也可規定風險分散原則，違反時受託機構須在指定期限內調整。

受託機構 must 至少每三個月評審不動產投資信託基金的信託財產，並在每個營業日計算前一營業日的每受益權單位淨資產價值並公告。

受託機構就募集或私募的不動產投資信託基金，應設獨立會計，且不得與自有財產或其他信託財產相互流用。

受託機構可以向受益人收取不動產投資信託業務的手續費及報酬，也可以從信託財產中扣除支付；因運用、管理產生的費用及稅捐，也可自信託財產扣除繳納。依契約約定應分配的收益，應在會計年度結束後六個月內分配。

受託機構在募集或私募不動產資產信託受益證券時，必須檢具書件向主管機關申請核准或申報生效；委託人也必須提供相關書件資料且不得虛偽或隱匿。

This provision says the competent authority under this Act is the Financial Supervisory Commission, and matters within another purpose-specific authority’s remit are handled jointly by the competent authority and that authority.

委託人移轉不動產資產信託財產時，須限於規定範圍；若財產設有抵押權，應先塗銷並提出文件，無法塗銷時則改提出公證同意書；並須提供債務明細，且公告至少一個月讓債權人聲明異議。

不動產資產信託計畫必須載明指定事項，包括各方資訊、信託與受益證券內容、信託財產、資金運用、不動產開發計畫、關係人交易程序，以及主管機關規定的其他事項。

受託機構要依核准或申報生效的不動產資產信託計畫經營業務；募集或私募受益證券後，變更計畫原則上要先經受益人會議決議，並向主管機關核准或申報生效。

Real estate asset trust contracts must be in writing and must include the listed matters.

受託機構在依第二十九條向主管機關申請核准或申報生效前，應先請專業估價者就不動產資產信託的信託財產出具估價報告書。

不動產資產信託的租金可不受土地法對租金限制；租賃期限也可不受民法所定二十年限制。

If the settlor of a real estate asset trust is a related party of the trustee institution, the trustee institution must not issue beneficiary securities for that trust, unless there are multiple settlors and the related settlors’ combined trust-property and secured-claim interests are under 20%.

Several listed provisions apply, as adapted, to real estate asset trusts.

受益證券在發行或交付前，應編號、載明指定事項，並由受託機構代表人簽名蓋章，且須經發行簽證機構簽證。

受益權的行使和轉讓，要透過表彰該受益權的受益證券進行。

Beneficiary securities must be registered and transferred by endorsement. A transfer cannot be used against the trustee unless the transferee’s name and address are notified to the trustee, and it cannot be used against third parties unless the transferee’s name is recorded on the security.

This article defines key terms used in the statute, including real estate, related rights, securitized products, trusts, trustee institutions, fund types, and related parties.

受益證券受讓人，原則上依受益權種類、內容及順位，承受委託人的權利及義務；但若不動產資產信託契約另有約定委託人義務，則不適用該例外。

受益證券持有人對收益分配的請求權，若自發放日起五年內未行使即消滅；其消滅後的收益併入信託財產。

受益證券遺失時，受益人可以聲請公示催告；公示催告程序開始後，聲請人可以提供相當擔保，並請求受託機構履行該受益證券相關債務。

國內外金融機構或法人得依計畫規定，透過保證、承諾、更換部分資產或其他方式，為受益證券增強信用。

受託機構在受益證券有信用評等或信用增強時，必須在指定文件中揭露信用評等結果與信用增強方式，且不得虛偽或隱匿。

受託機構要在年度終了或計畫完成後4個月內，編製經會計師查核簽證的書表，向信託監察人報告，並通知受益人；書表內容不得虛偽或隱匿。

依本條例發行的受益證券，可以依證券相關法令申請在證券交易所上市，或在證券商營業處所買賣。

本條規定：依本條例成立的不動產投資信託及不動產資產信託，其受益證券若採私募方式，則不適用列明的多項條文。

If the required contents of a prospectus or investment memorandum are false or concealed, the listed persons must jointly compensate a good-faith counterparty for the damage, each to the extent of their responsibility.

Beneficial securities issued or delivered for real estate securitization must follow specified provisions of the Financial Assets Securitization Act, unless the trust agreement provides otherwise and that different arrangement is stated in the prospectus or investment prospectus.

受託機構在為保護受益人權益且依契約約定時，可以選任信託監察人；信託監察人不得擔任發起人、受託機構的利害關係人、職員、受雇人或不動產資產信託的委託人。

符合條件的受益證券買賣或依信託契約約定由受託機構收回時，免徵證券交易稅。

Beneficiary securities issued by public offering or private placement under this provision are treated as other securities approved by the competent authority under Article 6 of the Securities and Exchange Act.

受益證券的信託利益原則上每年分配；分配的信託利益視為受益人的所得，按利息所得課稅。

在特定不動產投資信託或不動產資產信託中，受託機構要負責該土地的地價稅。

在特定不動產資產信託情況下，土地所有權移轉時以委託人為納稅義務人，課徵土地增值稅，且不適用土地稅法第28條之3。

符合不動產投資信託計畫或不動產資產信託計畫投資的建築物，可以按固定資產耐用年數表所定耐用年數加長二分之一來計算每年折舊費用；一旦選定這種延長年限提列方式，後續年度不得再變更。

主管機關在必要時，得對不動產投資信託或不動產資產信託的執行情況進行檢查，並可要求相關人限期提供資料；也可委託專業人員查核，費用由被查核人負擔。

主管機關可在受託機構違規或未依計畫經營信託業務時，變更受託機構並命原受託機構移轉業務及信託財產；新受託機構須在移轉後 2 日內公告。

受託機構可以在不動產管理機構未限期改善時終止委任契約，並可移轉受任事項；不動產管理機構要在期限內完成結算、移交和遷移物品，受託機構還要在終止後二日內公告。

受託機構辦理特定不動產信託業務時，遇有特定情事，適用信託業法第四十一條；若信託設有信託監察人，並應通知信託監察人。

If a listed act occurs, the person in charge faces 1 to 7 years’ imprisonment and may also be fined up to NT$10 million.

This provision punishes several kinds of false or concealed statements, improper private placement conduct, and abuse of duty connected to the trust/securitization matters described, when they cause harm to the public, others, or trust property.

受託機構募集或私募不動產投資信託受益證券時，應備齊文件向主管機關申請核准或申報生效；主管機關審核時要先洽商中央目的事業主管機關出具意見書。

If any listed violation occurs, the responsible person may be punished with up to two years’ imprisonment, detention, and/or a fine up to NT$3 million.

如果行為負責人違規再賣出私募受益證券，或未依主管機關規定方式提供公開說明書或投資說明書而致生損害，可能處一年以下有期徒刑、拘役，並得併科新臺幣三百萬元以下罰金。

If one of the listed situations occurs, a fine of NT$2,000,000 to NT$10,000,000 may be imposed, and the authority may order correction within a deadline.

If a trust institution commits any of the listed violations, the competent authority may order correction within a time limit and impose an NT$1 million to NT$5 million fine; if it still does not comply, the authority may fine it repeatedly.

受託機構若有列舉違規情形之一，主管機關可處新臺幣60萬元至300萬元罰鍰，並可命其限期辦理或改正；逾期未辦理或改正者，還可連續處罰。

If a company’s responsible person, agent, employee, or other staff violates this Act while carrying out business, the company may also be fined or otherwise penalized under the relevant article, in addition to punishing the individual actor.

Certain Trust Act provisions do not apply to real estate investment trusts and real estate asset trusts.

主管機關有權訂定本條例的施行細則。

本條例自公布日起施行。

受託機構在國外募集或私募不動產投資信託基金、且該基金投資國內不動產時，應在申請核准或申報生效前先報請中央銀行同意。

A real estate investment trust plan must include specified information, including parties’ names and addresses, fund details, issuance terms, formation conditions, investment and development plans, and any other items required by the competent authority.

受託機構須依核准或申報生效的投資信託計畫經營業務；變更計畫通常要先有受益人會議決議並經主管機關核准或申報生效，重大影響較小的變更可在核准或申報生效後變更。

This chapter is the general provisions chapter.

This section covers the use of real estate investment trust funds.

This chapter section is about the accounting of real estate investment trust funds.

This chapter concerns real property asset trusts.

This chapter covers the issuance, delivery, and transfer of beneficiary securities, beneficiary meetings, and trust supervisors.

This section covers the issuance, delivery, and transfer of beneficiary securities.

本節標題為「受益人會議及信託監察人」。

Chapter on taxes and related matters.

This chapter is titled “Administrative Supervision.”

本章標題為「不動產投資信託」。

This chapter sets out penalties.

This section heading concerns the offering and private placement of real estate investment trust funds.

This is the heading for Chapter 8, “Supplementary Provisions.”